SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 6:52 PM ET
How1,772 put contracts / 323 call contracts = 5.49 for the 2026-12-04 expiration. Open interest is published once a day, before the open, so it describes the previous session.
SourceNet gamma exposure from Cboe greeks and open interest
As ofCboe delayed snapshot Nov 10, 6:52 PM ET
HowOver every strike with open interest for the 2026-12-04 expiration: (call gamma × call OI minus put gamma × put OI) × 100 × spot² × 1%, summed. Calls count as positive and puts as negative, a convention about who holds the other side, not a measurement.
Max pain is not shown: without its single heaviest strike it moves 19.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration:Jobs report Fri, Dec 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Max pain is not shown: without its single heaviest strike it moves 19.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)KOLD open contracts per strike for Fri, Dec 4.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 105.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.76
-0.06
24
0.0365
0.02
-0.06
-0.24
0.72
-0.06
25
0.0405
0.03
-0.06
-0.28
0.70
-0.06
25.5
0.0424
0.03
-0.06
-0.31
0.68
-0.06
26
0.0441
0.03
-0.06
-0.33
0.65
-0.06
26.5
0.0458
0.03
-0.06
-0.35
0.63
-0.06
27
0.0472
0.03
-0.07
-0.38
0.60
-0.07
27.5
0.0485
0.03
-0.07
-0.40
0.58
-0.07
28
0.0496
0.03
-0.07
-0.43
0.55
-0.07
28.5
0.0505
0.03
-0.07
-0.45
0.53
-0.07
29
0.0512
0.03
-0.07
-0.48
0.50
-0.07
29.5
0.0516
0.03
-0.07
-0.51
0.48
-0.06
30
0.0518
0.03
-0.07
-0.53
0.45
-0.06
30.5
0.0518
0.03
-0.06
-0.56
0.43
-0.06
31
0.0515
0.03
-0.06
-0.58
0.41
-0.06
31.5
0.0511
0.03
-0.06
-0.60
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 34 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.